Citis basic and end-of-period shares increased in the fourth quarter 2012 as compared to the third quarter 2012 due to the issuance of approximately 96 million shares of common stock during the quarter upon the automatic settlement of the T-DECS issued in December 2009, as previously announced.

(2)

Citis book value and tangible book value per share each declined in the fourth quarter 2012 as compared to the third quarter 2012 due to the settlement of the T-DECS (see footnote 1 above). Tangible book value per share is a non-GAAP financial measure. See page 46 for a reconciliation of this measure.

Note: Ratios and returns are calculated based on the displayed numbers.

NM Not meaningful

* Preliminary

Reclassified to conform to the current periods presentation.

1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)

4Q12 Increase

Full

Full

FY 2012 vs.

4Q

1Q

2Q

3Q

4Q

(Decrease) from

Year

Year

FY 2011 Increase/

2011

2012

2012

2012

2012

3Q12

4Q11

2011

2012

(Decrease)

Revenues

Interest revenue

$

17,795

$

17,537

$

16,889

$

16,934

$

16,778

(1

)%

(6

)%

$

72,681

$

68,138

(6

)%

Interest expense

5,712

5,590

5,296

5,021

4,628

(8

)%

(19

)%

24,234

20,535

(15

)%

Net interest revenue

12,083

11,947

11,593

11,913

12,150

2

%

1

%

48,447

47,603

(2

)%

Commissions and fees

2,882

3,138

3,079

3,304

3,405

3

%

18

%

12,850

12,926

1

%

Principal transactions

(652

)

1,931

1,640

976

234

(76

)%

NM

7,234

4,781

(34

)%

Administrative and other fiduciary fees

885

981

1,037

974

1,020

5

%

15

%

3,995

4,012



Realized gains (losses) on investments

69

1,925

273

615

438

(29

)%

NM

1,997

3,251

63

%

Other-than temporary impairment losses on investments and other assets (1)

(230

)

(1,305

)

(128

)

(3,470

)

(68

)

98

%

70

%

(2,254

)

(4,971

)

NM

Insurance premiums

633

635

621

616

604

(2

)%

(5

)%

2,647

2,476

(6

)%

Other revenue (2)

1,504

154

527

(977

)

391

NM

(74

)%

3,437

95

(97

)%

Total non-interest revenues

5,091

7,459

7,049

2,038

6,024

NM

18

%

29,906

22,570

(25

)%

Total revenues, net of interest expense

17,174

19,406

18,642

13,951

18,174

30

%

6

%

78,353

70,173

(10

)%

Provisions for Credit Losses and for Benefits and Claims

Net credit losses

4,108

3,955

3,576

3,979

3,066

(23

)%

(25

)%

20,038

14,576

(27

)%

Credit reserve build / (release)

(1,464

)

(1,127

)

(991

)

(1,468

)

(142

)

90

%

90

%

(8,265

)

(3,728

)

55

%

Provision for loan losses

2,644

2,828

2,585

2,511

2,924

16

%

11

%

11,773

10,848

(8

)%

Policyholder benefits and claims

234

229

214

225

219

(3

)%

(6

)%

972

887

(9

)%

Provision for unfunded lending commitments

(4

)

(38

)

7

(41

)

56

NM

NM

51

(16

)

NM

Total provisions for credit losses and for benefits and claims

2,874

3,019

2,806

2,695

3,199

19

%

11

%

12,796

11,719

(8

)%

Operating Expenses

Compensation and benefits

6,387

6,385

6,127

6,132

6,560

7

%

3

%

25,688

25,204

(2

)%

Premises and Equipment

809

799

806

846

831

(2

)%

3

%

3,326

3,282

(1

)%

Technology / communication expense

1,338

1,382

1,481

1,465

1,586

8

%

19

%

5,133

5,914

15

%

Advertising and marketing expense

687

503

591

605

525

(13

)%

(24

)%

2,346

2,224

(5

)%

Other operating

3,990

3,250

3,129

3,172

4,343

37

%

9

%

14,440

13,894

(4

)%

Total operating expenses

13,211

12,319

12,134

12,220

13,845

13

%

5

%

50,933

50,518

(1

)%

Income from Continuing Operations before Income Taxes

1,089

4,068

3,702

(964

)

1,130

NM

4

%

14,624

7,936

(46

)%

Provision (benefits) for income taxes

91

1,006

715

(1,488

)

(206

)

86

%

NM

3,521

27

(99

)%

Income from Continuing Operations

998

3,062

2,987

524

1,336

NM

34

%

11,103

7,909

(29

)%

Discontinued Operations (3)

Income (Loss) from Discontinued Operations

(15

)

(3

)



(46

)

(170

)

23

(219

)

Gain (Loss) on Sale

9

(1

)







155

(1

)

Provision (benefits) for income taxes

(6

)

1

1

(15

)

(58

)

66

(71

)

Income (Loss) from Discontinued Operations, net of taxes



(5

)

(1

)

(31

)

(112

)

NM



112

(149

)

NM

Net Income before Noncontrolling Interests

998

3,057

2,986

493

1,224

NM

23

%

11,215

7,760

(31

)%

Net Income attributable to noncontrolling interests

42

126

40

25

28

12

%

(33

)%

148

219

48

%

Citigroups Net Income

$

956

$

2,931

$

2,946

$

468

$

1,196

NM

25

%

$

11,067

$

7,541

(32

)%

(1)

First quarter of 2012 includes the recognition of a $1,181 million impairment charge related to the carrying value of Citis investment in Akbank T.A.S. Third quarter of 2012 includes the recognition of a $3,340 million impairment charge related to the carrying value of Citis remaining 35% investment in the Morgan Stanley Smith Barney joint venture (MSSB JV).

(2)

Third quarter of 2012 also includes a non-cash charge of $1,344 million, representing a loss on Citis sale of the 14% interest in the MSSB JV to Morgan Stanley.

(3)

Discontinued operations primarily includes:

a)

During the third quarter of 2012, Citi executed definitive agreements to transition a carve-out of its liquid strategies business within Citi Capital Advisors to certain employees responsible for managing those operations.

b)

In the fourth quarter of 2012, residual amounts related to the sale of the Egg Credit Card business and Citi Capital Advisors.

NM Not meaningful

Reclassified to conform to the current periods presentation.

2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

4Q12 Increase

December 31,

March 31,

June 30,

September 30,

December 31,

(Decrease) from

2011

2012

2012

2012

2012 (1)

3Q12

4Q11

Assets

Cash and due from banks (including segregated cash and other deposits)

$

28,701

$

26,505

$

33,927

$

33,802

$

36,453

8

%

27

%

Deposits with banks

155,784

183,949

155,054

170,028

102,134

(40

)%

(34

)%

Fed funds sold and securities borrd or purch under agree. to resell

275,849

289,057

272,664

277,542

261,311

(6

)%

(5

)%

Brokerage receivables

27,777

39,443

35,340

31,077

22,490

(28

)%

(19

)%

Trading account assets

291,734

307,050

310,246

315,201

320,929

2

%

10

%

Investments

Available-for-sale and non-marketable equity securities

281,930

287,197

294,577

284,531

302,196

6

%

7

%

Held-to-maturity

11,483

10,126

11,349

10,943

10,130

(7

)%

(12

)%

Total Investments

293,413

297,323

305,926

295,474

312,326

6

%

6

%

Loans, net of unearned income

Consumer

423,340

416,103

409,127

407,752

408,671



(3

)%

Corporate

223,902

231,919

245,841

250,671

246,793

(2

)%

10

%

Loans, net of unearned income

647,242

648,022

654,968

658,423

655,464



1

%

Allowance for loan losses

(30,115

)

(29,020

)

(27,611

)

(25,916

)

(25,455

)

2

%

15

%

Total loans, net

617,127

619,002

627,357

632,507

630,009

0

%

2

%

Goodwill

25,413

25,810

25,483

25,915

25,673

(1

)%

1

%

Intangible assets (other than MSRs)

6,600

6,413

6,156

5,963

5,697

(4

)%

(14

)%

Mortgage servicing rights (MSRs)

2,569

2,691

2,117

1,920

1,942

1

%

(24

)%

Other assets

148,911

147,180

142,181

141,873

145,660

3

%

(2

)%

Assets related to discontinued operations held for sale







44

36

(18

)%



Total assets

$

1,873,878

$

1,944,423

$

1,916,451

$

1,931,346

$

1,864,660

(3

)%



Liabilities

Non-interest-bearing deposits in U.S. offices

$

119,437

$

122,305

$

120,324

$

133,981

$

129,657

(3

)%

9

%

Interest-bearing deposits in U.S. offices

223,851

228,357

233,696

239,574

247,716

3

%

11

%

Total U.S. Deposits

343,288

350,662

354,020

373,555

377,373

1

%

10

%

Non-interest-bearing deposits in offices outside the U.S.

57,357

60,691

59,745

63,792

65,024

2

%

13

%

Interest-bearing deposits in offices outside the U.S.

465,291

494,659

500,543

507,297

488,163

(4

)%

5

%

Total International Deposits

522,648

555,350

560,288

571,089

553,187

(3

)%

6

%

Total deposits

865,936

906,012

914,308

944,644

930,560

(1

)%

7

%

Fed funds purch and securities loaned or sold under agree. to repurch.

198,373

226,008

214,851

224,370

211,236

(6

)%

6

%

Brokerage payables

56,696

56,966

59,133

55,376

57,013

3

%

1

%

Trading account liabilities

126,082

135,956

128,818

129,990

115,549

(11

)%

(8

)%

Short-term borrowings

54,441

55,611

58,698

49,164

52,027

6

%

(4

)%

Long-term debt

323,505

311,079

288,334

271,862

239,463

(12

)%

(26

)%

Other liabilities (2)

69,272

69,068

66,470

67,202

67,815

1

%

(2

)%

Liabilities related to discontinued operations held for sale















Total liabilities

$

1,694,305

$

1,760,700

$

1,730,612

$

1,742,608

$

1,673,663

(4

)%

(1

)%

Equity

Stockholders Equity

Preferred Stock

$

312

$

312

$

312

$

312

$

2,562

NM

NM

Common Stock

29

29

29

29

30

3

%

3

%

Additional paid-in capital

105,804

105,787

105,962

106,203

106,391



1

%

Retained earnings

90,520

93,310

96,216

96,650

97,809

1

%

8

%

Treasury stock

(1,071

)

(883

)

(859

)

(851

)

(847

)



21

%

Accumulated other comprehensive income (loss)

(17,788

)

(16,735

)

(17,749

)

(15,566

)

(16,896

)

(9

)%

5

%

Total Common Equity

$

177,494

$

181,508

$

183,599

$

186,465

$

186,487



5

%

Total Citigroup stockholders equity

$

177,806

$

181,820

$

183,911

$

186,777

$

189,049

1

%

6

%

Noncontrolling interests

1,767

1,903

1,928

1,961

1,948

(1

)%

10

%

Total equity

179,573

183,723

185,839

188,738

190,997

1

%

6

%

Total liabilities and equity

$

1,873,878

$

1,944,423

$

1,916,451

$

1,931,346

$

1,864,660

(3

)%



(1)

Preliminary

(2)

Includes allowance for credit losses for letters of credit and unfunded lending commitments of $1,136 million for the fourth quarter of 2011, $1,097 million for the first quarter of 2012, $1,104 million for the second quarter of 2012, $1,063 million for the third quarter of 2012 and $1,119 million for the fourth quarter of 2012, respectively.